Bahrain Mumtalakat Holding Company’s total assets jump 46.4% in two years

The Mumtalakat Holding Company, the sovereign wealth fund of the federal government of the Kingdom of Bahrain, reported a rise in total assets reaching BD5.8 billion ($15.4 billion) in 2017, up 46.4 percent compared to 2016.

As per an official statement given by the company, this impressive rise is being attributed to value gains from its portfolio companies including the consolidation of McLaren and Alba’s Line 6 project, the company said in a statement.

The statement further revealed that it recognised impairment losses of BD105.5 million in 2017 while net profits reached BD210.6 million during the year, up from BD68.9 million in 2016.

Sheikh Khalid bin Abdullah Al Khalifa, deputy Prime Minister, and chairman of Mumtalakat, said: “Last year was notable for Mumtalakat as we witnessed substantial growth in the group. Our strong investment mandate and results support the growth of the local economy from further economic diversification to job creation. Our impact in Bahrain can be evidenced in the continued financial commitment to the growth of our local companies.”

Mahmood H Alkooheji, CEO of Mumtalakat added: “We reported net profits for the fifth consecutive year, reflecting the success of our investment model as we continue to invest in and for Bahrain while managing our portfolio with a commercial mindset. In addition, we committed BD104 million to new investments in 2017.”

In 2017, the company committed BD33 million  to legacy assets including Bahrain International Circuit, Bahrain Real Estate Investment (Edamah) and Arab Shipbuilding and Repair Yard (ASRY). Mumtalakat further generated BD583 million last year in capital expenditure compared to BD247 million in 2016 while expenditure on employee salaries and benefits increased by 11 percent.

The Mumtalakat has actively sought investment opportunities locally, regionally and internationally in order to enhancing the private sector’s role in future economic growth in the Kingdom.

As of 2018, Mumtalakat holds stakes in 60 enterprises in 13 countries with US$11 billion worth of assets.

 

more recommended stories

Get Amazing Stories

Get great contents delivered straight to your inbox everyday, just a click away, Sign Up Now
Email address
Secure and Spam free...

Get Amazing Stories

Get great contents delivered straight to your inbox everyday, just a click away, Sign Up Now
Email address